When answering your question you may want to consider the following supporting information. Your answer of course is expected to go beyond this.

Using the three principles of effectual entrepreneurship (Bird-In-A-hand ? start with what you have; The Affordable Loss and Crazy Quilt ? build partnerships) and apply it within two businesses. What did you find hard for the ICEHOTEL about starting with Means? How did Bird-in-hand and affordable loss principle help ICEHOTEL? How the founder of ICEHOTEL incorporated Crazy Quilt principle in taking off business? What are the main differences between Travelodge and ICEHOTEL business strategies? Suggest an alternative combination of Bird-In-Hand, Affordable Loss and Crazy Quilt Principles for the ICEHOTEL and Travelodge. Compare and contrast the two business models and make original conclusions. You may also use entrepreneurial theories (Schumpeter, Kirzner, Sarasvathy, Reed, Audretsch, etc.) in your discussions if you like to.